A two-day meeting of the Armenian-German Intergovernmental Commission for Financial and Technical Cooperation ended in Yerevan on Wednesday, with both parties expressing their satisfaction with the level of cooperation between the two states.

In a joint press conference with his German counterpart, representative of the German Ministry of Economic Cooperation and Development Rolf Baldus, the cochairmen of the Commission from the Armenian side, Minister of Finance and Economy Vartan Khachatrian said the Armenian side had proposed eight points on which both sides could cooperate in the future. But he refused to disclose details at this stage, saying that more information on that account would become available in the future.

Speaking of the discussions the Commission had, Khachatrian said: “We have discussed all trends in which we have unfolded our cooperation, discussed what has already been done and what we plan to do.”

Baldus said that so far Germany has allocated to Armenia a total of 200 million euros for the implementation of different projects and for his part praised the Armenian side for the effective use of the funds.

“I am simply amazed by the high estimation our Armenian partners are giving to our cooperation. It gives us all reasons to continue to work in the fields in which we are already implementing joint projects,” the German official said.

Most of the funds allocated by Germany, which is Armenia’s second largest donor, are spent on the upgrading of energy facilities, repairs of old or construction of new water supply and sewerage networks, as well as for crediting projects for small and medium-sized enterprises. According to Khachatrian, the German side agreed to credit the construction of a hydro-power plant in Loriberd and is ready to add another 6 million euros in the form of a preferential credit on top of the 6 million it has already allocated for the implementation of a mortgage market development program in Armenia.

The German minister also said that Germany places much importance on regional cooperation carried out as part of the Caucasus Initiative program. He singled out the environmental and healthcare spheres.